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Sri Lanka’s debt is unsustainable with very high rollover risk: IMF Debt Sustainability Assessment
Based on IMF staff analysis, fiscal consolidation necessary to bring debt down to safe levels would require excessive adjustment over the coming years, pointing to a clear solvency problem. Releasing the Country Report No. 2022/091: Sri Lanka: 2021 Article IV Consultation, the IMF staff said that a more ambitious adjustment, required to significantly reduce debt, […]
Clarification Regarding the Forex Sales by Banks to the Central Bank
The Central Bank clarifies that the recent increase of the percentage of foreign exchange sales by banks to the CBSL from 25% to 50%, effective from 21.03.2022, is exclusively applicable to banks and that will not have any impact on the prevailing requirements for the foreign exchange earnings of expatriate workers and export proceeds of […]
US Under Sec for Political Affairs promises assistance to develop cyber & information technology sectors
The Under Secretary of State for Political Affairs Victoria Nuland called on President Gotabaya Rajapaksa at the Presidential Secretariat, Wednesday. The President briefed Ms. Nuland on the issues raised at the All-Party Conference this morning, its progress, and the discussion to be held with the Tamil National Alliance on Friday. Appreciating these efforts, the Under […]
From crisis to inclusive economic growth in Sri Lanka
By FARIS HADAD-ZERVOS, World Bank Country Director for Maldives, Nepal and Sri Lanka & HANS TIMMER , Chief Economist, South Asia, World Bank Sri Lanka has managed the health and safety aspects of the COVID-19 pandemic in a commendable way . The nation has been and continues to be swift in safeguarding the health of its population, including vaccinating […]
A Sri Lankan Nomad shares his experience at the Geographic South Pole in Antarctica
I always had the idea in my head that I would visit the South Pole one day, but the actual planning happened sometime in August 2021. In a year there is only a very small window when you can visit the South Pole. That’s from mid-November to mid-January, it’s the summer for Antarctica with 24 […]
CA Sri Lanka launches exclusive global credential for finance professionals to fight fraud
In a ground-breaking initiative aimed at combatting fraud and corruption, the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) joined hands with the US-based Association of Certified Fraud Examiners (ACFE) to launch an exclusive global credential for finance professionals in Sri Lanka. The Certified Fraud Examiner qualification, recognised globally as the most contemporary […]
Opinion: From Crisis to Inclusive Economic Growth in Sri Lanka
By FARIS HADAD-ZERVOS, World Bank Country Director for Maldives, Nepal and Sri Lanka & HANS TIMMER , Chief Economist, South Asia, World Bank: Sri Lanka has managed the health and safety aspects of the COVID-19 pandemic in a commendable way . The nation has been and continues to be swift in safeguarding the health of its […]
Opinion: Introducing import licenses will worsen Sri Lanka’s economic crisis
Advocata Extraordinary Gazette No 2270/18 of March 2022, imposes import restrictions on 367 goods determined as “non-essential” by the Ministry of Finance. These can now only be imported under a license issued by the controller general of imports and exports control. This move tightens already existing import restrictions on a series of imported goods ranging […]
Interview: Resilience, creativity and talent will make Sri Lankan apparel thrive globally
Sri Lanka’s apparel sector contributes 6% to the country’s GDP and accounts for almost half of all merchandise exports. The sector provides direct employment to 350,000 workers and an additional 700,000 Sri Lankans receive livelihood opportunities as part of the larger supply chain.Sharad Amalean, Chairman of the Joint Apparel Association Forum (JAAF), talks about JAAF’s […]
Advisory Committee proposes five urgent recommendations to National Economic Council
The Advisory Committee appointed to assist the National Economic Council has made five recommendations that need to be implemented immediately.The members of the Advisory Committee met President Gotabaya Rajapaksa and members of the National Economic Council for the first time this morning (21) and presented the set of proposals.The President appointed a 16-member Advisory Committee […]